Global Track and Trace Solutions Market Report assists the Industry experts, analysts and business decision makers to isolate the current market scenario, opportunities, upcoming market trends and pricing analysis. The Track and Trace Solutions Market report provides crucial information about the market, including Opinions from Industry experts, and the recent progressions and developments of the Track and Trace Solutions industry.
The Track and Trace Solutions market report gives Analysis of incomes, limits and benefits of Key Manufacturers including the market holdings, offers of units, income dispersion, and the measures that have been taken to overcome the issues faced.
The global track and trace solutions market is expected to register a CAGR of 17.8% during the forecast period, 2018 to 2023. Tracking and tracing, in distribution and logistics of many types of products, is a process of determining the current and past locations (and other information) of a unique item or property. It involves reporting of the position of vehicles and containers with the property of concern stored in a real-time database.
Increasing Number of Counterfeit Drugs to Boost Growth of the Track and Trace Solutions Market
The track and trace solutions market has a good future with increasing usage of these solutions by medical devices and pharmaceutical drugs manufacturers. With rapid adoption of these solutions globally, it is estimated that about 75% of the global medicine supply would be covered by track and trace regulatory norms in near future.
One of the major problems faced by large scale pharmaceutical and biopharmaceutical companies is drug counterfeiting. To ensure that brands get a share of brand recognition, they are adopting the use of these solutions in supply chain monitoring. These problems have been growing globally, typically in developing countries such as China, South Africa, and India. Counterfeit drugs and theft are hazardous and result in financial harm and unfair competition in both generic and branded drugs. With the advent of track and trace solutions, this problem is expected to be eradicated to a very large extent propelling its increasing adoption among drug manufacturers.
Other factors driving the market growth are stringent regulations & standards for the implementation of serialization, growth in the number of packaging-related product recalls and growth in the medical devices and pharmaceutical industries.
Lack of Common Standards for Serialization and Aggregation to Restrain Growth of the Track and Trace Solutions Market
There is a lack of common standards for the process of tracking and tracing. Pharmaceutical manufacturing companies have spent the last decade or more investing millions to implement and fine-tune their typically deep, complex, and validated supply chains. Compliance with the new regulations now requires them to make large investments in serialization technologies while also potentially making significant business process changes â they will have to change everything they do today to manage finished goods. This comes at a time when pharmaceutical manufacturers are facing increasing pricing and margin pressures. The industry players have already implemented solutions and have therefore no incentive to switch to new standards. The lack of common standards is hence posing as a restraint to the market.
The other factors restraining the market are high costs associated with serialization and aggregation.
North America is expected to dominate the Track and Trace Solutions Market
North America is expected to dominate the market in 2018, primarily due to presence of highly regulated serialization & aggregation standards, as well as advanced healthcare infrastructure.
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Top Track and Trace Solutions Manufacturers Covered in this report:
- ACG Worldwide
- Adents International
- Antares Vision SRL
- Mettler-Toledo International
- Optel Vision
- Seidenader Maschinenbau GmbH
- Siemens AG
- Inc. and TraceLink
- Inc. among others.
Significance of Track and Trace Solutions Market report:
- Know more about Track and Trace Solutions industry plans that are now being comprised by major manufacturers in the market.
- The assessed growth rate of Track and Trace Solutions by size & share on the forecast period 2018-2023.
- The unique aspects anticipated to induce Track and Trace Solutions market for its forecasted period of 2023.
- To understand the Track and Trace Solutions industry scenario and its prospects.
- Strategies of leading Track and Trace Solutions Industry players for evolving the plans for success in today’s competitive market.
Reasons to Purchase the Report
Price of Report: $ 4250 (Single User License)
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In the end the Track and Trace Solutions Market report presents all the necessary data required to form resulting yielding business strategies for Industry experts, analysts and business decision makers to decide their business strategies and achieve proposed business aims.